【正文】 01. However, as the worldwide economy improved, the global volume of announced acquisition agreements was up 41 percentfrom 2003 to trillion dollars for 2004, the highest level since 2000,andThe pace in 2005 was significantly above the level of 2004. Although the frequency of acquisitions has slowed，their number remains high. In fact, an acquisition strategy is sometimes used because of the uncertainty in petitive landscape. A firm may make an acquisition to increase its market power because of a petitive threat, to enter a new market because of the opportunity available in that market, or to spread the risk due to the uncertain environment. In addition, as volatility brings undesirable changes to its primary markets, a firm may acquire other panies to shift its core business into different markets. Such options may arise because of industry or regulatory changes. For instance, Clear Channel Communications built its business by buying radio stations in many geographic markets when te Telemunications Act of 1996 changed the regulations regarding such acquisitions. However, more recently Clear Channel has been suggested to have too much market power and is now likely to split into three different businesses.The strategic management process calls for an acquisition strategy to increase a firm’s strategic petitiveness as well as its returns to shareholders. Thus, an acquisition strategy should be used only when the acquiring firm will be able to increase its value through owership of an acquired firm and the use of its , evidence suggests that, at least for the acquiring firms, acquisition strategy may not always result in these desireable outes. Researches have found that shareholders of acquired firms often earn aboveaverage returns from an acquisition, while shareholders of acquiring firms are less likely to do so, typically earning returns from the transaction that are close to zero. In the latest acquisition boom between 1998 and 2000, acquiring firm shareholders experienced significant losses relative to the losses in all of the 1980s. Acquiring firm shareholders lost dollar on average for the dollar spent. This may suggest that for large firms, it is now more difficult to create sustainable value by using an acquisition strategy to buy publicly traded panies. In approximately twothirds of all acquisitions, the acquiring firm’s stock price falls immediately after the intended transaction is announced. This negative response is an indication of investors’ skepticism about the likelihood that the acquirer will be able to achieve the synergies required to justify the premium.附錄2企業(yè)并購(gòu)的財(cái)務(wù)風(fēng)險(xiǎn)本文認(rèn)為企業(yè)并購(gòu)的財(cái)務(wù)風(fēng)險(xiǎn)應(yīng)該是由于并購(gòu)前期、并購(gòu)過(guò)程以及并購(gòu)后期等各個(gè)不同階段相關(guān)財(cái)務(wù)決策不當(dāng)所引起的企業(yè)財(cái)務(wù)狀況惡化或財(cái)務(wù)成果損失的不確定性，是貫穿企業(yè)并購(gòu)全程的不確定性因素對(duì)預(yù)期價(jià)值的負(fù)面作用和影響。根據(jù)并購(gòu)活動(dòng)程序，主并購(gòu)方遇到的財(cái)務(wù)風(fēng)險(xiǎn)依次為并購(gòu)前期財(cái)務(wù)風(fēng)險(xiǎn)、并購(gòu)過(guò)程財(cái)務(wù)風(fēng)險(xiǎn)和并購(gòu)后期財(cái)務(wù)風(fēng)險(xiǎn)。并購(gòu)前期的財(cái)務(wù)風(fēng)險(xiǎn)主要表現(xiàn)為盡職調(diào)查中對(duì)目標(biāo)企業(yè)價(jià)值判斷失誤產(chǎn)生的估值風(fēng)險(xiǎn)；并購(gòu)過(guò)程中的財(cái)務(wù)風(fēng)險(xiǎn)則表現(xiàn)為并購(gòu)交易執(zhí)行中由于支付方式、融資方式、稅務(wù)籌劃方案選擇不當(dāng)導(dǎo)致并購(gòu)活動(dòng)失敗的風(fēng)險(xiǎn)；并購(gòu)后期財(cái)務(wù)風(fēng)險(xiǎn)則體現(xiàn)在財(cái)務(wù)整合風(fēng)險(xiǎn)，財(cái)務(wù)整合內(nèi)容包括財(cái)務(wù)目標(biāo)整合、財(cái)務(wù)制度整合、財(cái)務(wù)結(jié)構(gòu)整合及財(cái)務(wù)現(xiàn)金流整合等內(nèi)容。因此，要有效地防范企業(yè)并購(gòu)中的財(cái)務(wù)風(fēng)險(xiǎn)，必須根據(jù)并購(gòu)的不同階段提出針對(duì)性的解決方案，才能做到有的放矢。在并購(gòu)前期，要對(duì)目標(biāo)企業(yè)會(huì)計(jì)報(bào)表進(jìn)行科學(xué)分析，要把非現(xiàn)金流量評(píng)估方法和現(xiàn)金流量評(píng)估方法有機(jī)結(jié)合使用，必要的時(shí)候必須借助中介機(jī)構(gòu)的力量；在并購(gòu)過(guò)程中，要根據(jù)并購(gòu)項(xiàng)目的實(shí)際情況，選擇適合的并購(gòu)支付方式、融資方式，進(jìn)行合理的并購(gòu)稅務(wù)籌劃；在并購(gòu)后期的財(cái)務(wù)整合中，要注重內(nèi)部關(guān)系的理順和外部環(huán)境的協(xié)調(diào)，做好以下這三個(gè)層面的整合工作：財(cái)務(wù)管理目標(biāo)整合、財(cái)務(wù)制度和績(jī)效考核激勵(lì)體系整合、財(cái)務(wù)結(jié)構(gòu)和現(xiàn)金流轉(zhuǎn)整合。收購(gòu)策略一直在美國(guó)公司中流行多年。有人認(rèn)為這種策略在1980至1990甚至在21世紀(jì)對(duì)美國(guó)企業(yè)的重組起著主要作用。收購(gòu)策略在其他國(guó)家和經(jīng)濟(jì)地區(qū)，包括歐洲，都越來(lái)越盛行。實(shí)際上，近年來(lái)大約百分之四十到百分之四十五的收購(gòu)都是跨國(guó)完成的（即一個(gè)總部在一國(guó)的公司收購(gòu)總部在另一國(guó)的公司）。比如說(shuō)，沃爾瑪百分之四十的國(guó)際增長(zhǎng)都是通過(guò)收購(gòu)實(shí)現(xiàn)的，并且它的管理層一直對(duì)今后的進(jìn)一步并購(gòu)持歡迎的態(tài)度。五大并購(gòu)浪潮發(fā)生在20世紀(jì)，另外還有最后的大兩浪潮發(fā)生在八十年代和九十年代。二十世紀(jì)八十年代發(fā)生了總值為一萬(wàn)三千億美元的55000起收購(gòu)，而九十年代則發(fā)生了總值超過(guò)十一萬(wàn)億的收購(gòu)。全球經(jīng)濟(jì)，特別是美國(guó)的經(jīng)濟(jì)，在新世紀(jì)增長(zhǎng)減緩，這減少了其間的并購(gòu)。2000年的年并購(gòu)量達(dá)到頂峰，總值為三萬(wàn)四千億美元，然而到了2001卻下降到了大約一萬(wàn)七千五百美元。然而，由于全球經(jīng)濟(jì)不斷增長(zhǎng)，2004年全球的收購(gòu)協(xié)議相對(duì)于2003年而言增長(zhǎng)了百分之四十一，達(dá)一萬(wàn)八千五百億美元。這是自2000年以來(lái)史上最這幾年來(lái)最高水平的收購(gòu)量。另外，2005的收購(gòu)進(jìn)度遠(yuǎn)遠(yuǎn)高于2004年。盡管收購(gòu)的頻率已經(jīng)減緩，數(shù)目卻維持在高峰。實(shí)際上，并購(gòu)策略有時(shí)被采用是由于競(jìng)爭(zhēng)性環(huán)境中存在不確定性。公司可能由于競(jìng)爭(zhēng)的威脅而進(jìn)行收購(gòu)來(lái)增加他的市場(chǎng)控制力量。企業(yè)進(jìn)入某個(gè)新的市場(chǎng)可能是因?yàn)槟莻€(gè)市場(chǎng)存在著機(jī)會(huì)，或者是由于不確定的環(huán)境而進(jìn)行風(fēng)險(xiǎn)的分散。另外，由于市場(chǎng)的不定性帶來(lái)公司主要市場(chǎng)的不利變化，企業(yè)可能通過(guò)收購(gòu)別的公司來(lái)將其核心業(yè)務(wù)轉(zhuǎn)移到不同的市場(chǎng)里。這種抉擇很可能由于產(chǎn)業(yè)或者管理政策的改變而產(chǎn)生。比如說(shuō)，當(dāng)1996年法案改變了關(guān)于收購(gòu)的相關(guān)規(guī)定以后，ClearChannelCommunications公司通過(guò)購(gòu)買各個(gè)區(qū)域市場(chǎng)的無(wú)線電站來(lái)建立其業(yè)務(wù)。然而，最近，它曾被提議擁有太大的市場(chǎng)影響力，所以它現(xiàn)在把它的企業(yè)分裂為三個(gè)不同的公司。 戰(zhàn)略性管理過(guò)程要求用收購(gòu)策略來(lái)增加企來(lái)戰(zhàn)略性競(jìng)爭(zhēng)力以及股東的收益。因此，只有當(dāng)收購(gòu)方能夠能過(guò)擁有被收購(gòu)方的所有權(quán)以及有效運(yùn)用被收購(gòu)方的資產(chǎn)來(lái)增加其資產(chǎn)時(shí)，收購(gòu)方才能使用收購(gòu)箕策略。然而，相關(guān)證據(jù)顯示，收購(gòu)策略可能并不一定產(chǎn)生上述的有利結(jié)果，至少對(duì)于收購(gòu)方而言是如此。調(diào)查發(fā)現(xiàn)，被收購(gòu)方的股東往往從收購(gòu)中賺取高于平均水平的收益，而收購(gòu)方的股東則不然，更多的卻是從收購(gòu)中賺取接近零的收益。在1998年到2000年的最新的并購(gòu)浪潮中，并購(gòu)方的股東，相對(duì)于十九世紀(jì)八十年代而言，經(jīng)歷了慘痛的損失。這可能表明，對(duì)于大公司而言，現(xiàn)在想通過(guò)收購(gòu)的策略來(lái)購(gòu)買上市公司以創(chuàng)造持續(xù)的盈利變得越來(lái)越困難。在接近三分之二的收購(gòu)里，收購(gòu)方的股票價(jià)格在收購(gòu)交易公布以后立即下跌。這種消極的反應(yīng)其實(shí)是一種警示，暗示了投資者可能懷疑收購(gòu)方能否實(shí)現(xiàn)公司間的協(xié)同以創(chuàng)造溢價(jià)。23